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. >> stephen: oh, yeah, the fiscal cliff not to be confuse withed with the financial glory hole. unless congress comes up with a deficit reduction deal on january 1 there will be a trillion dollars in automatic spending cuts and the bush tax cuts expire which the congressional budget office says together could cause another recession. our only hope is that democrats and republicans in congress work together to find a compromise on tax cuts. in other words, we're all going to die. [ laughter ] now last week the democrats made the first move until this game fiscal chicken. >> the democratically-controlled senate passed a democratic bill renewing the tax cuts but only for people earning less than $250,000. >> the senate has approved a democratic tax plan that includes higher rates for high earners. >> stephen: wait, a second did they say the democrats passed a democratic plan? that can't be right. wait a second is this some kind of dream? let me check my totem. hold on one second. it's real evidently. evidently it's real. the problem is, house republicans are not going to vote for t
. >> stephen: oh, yeah, the fiscal cliff not to be confuse withed with the financial glory hole. unless congress comes up with a deficit reduction deal on january 1 there will be a trillion dollars in automatic spending cuts and the bush tax cuts expire which the congressional budget office says together could cause another recession. our only hope is that democrats and republicans in congress work together to find a compromise on tax cuts. in other words, we're all going to die. [...
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Nov 11, 2012
11/12
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they move a. >> moving ahead to the fiscal cliff. john boehner has reiterated that the newly elected house republican majority is opposed to raising tax rates. they're willing to accept new revenue under certain conditions. what is your reaction to that? despite the pledge that most of them have signed? >> if we had a recovery the strength of reagan's recovery, there would be 10 million more americans at work today. but we take rate in's path of less spending and regulation, -- reagan's path of less spending and regulation, he has a million more americans at work today than obama does. i would rather have his recovery and all the revenue that flows from that. if you grew 4% a year instead of 2%. the difference between growing from 4% instead of 2% is $5 trillion in additional revenue to the federal government. nobody is talking but raising taxes $5 trillion. why not focus to reduce rates, have lower taxes, it to get more growth. you actually net more additional revenue. >> it seems like john boehner is now willing to get that revenue
they move a. >> moving ahead to the fiscal cliff. john boehner has reiterated that the newly elected house republican majority is opposed to raising tax rates. they're willing to accept new revenue under certain conditions. what is your reaction to that? despite the pledge that most of them have signed? >> if we had a recovery the strength of reagan's recovery, there would be 10 million more americans at work today. but we take rate in's path of less spending and regulation, --...
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Nov 27, 2012
11/12
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hike with fiscal cliff, president obamaments tax hikes on those making more than $2 theft thousand a year, that will affect their middle class that their job creat creators the nor be able to pay them. neil: the train has left that spending station. i should say that taxes will go up. leaving that aside. how do you make the argument that a deal by the end of the year, even if it is bad, is better than no deal, if ratings agents pounce on a crafty deal, let's say waded toward tax hikes not addressinggspending cuts, wouldn't credit agency seize on that and downgrade us just the same? >> absolutely. this is what we saw with debt ceiling last summer, we saw our credit rating go down. and if you want to talk about that, white house tapped tim geithner today, treasury secretary to head the fiscal talks, he is the one that said we should have a debt ceiling and got the bad debt deal last year, and we were down graded anyway. if it is a bad deal, which is is probably going to be because we have no time left. neil: word from dick carney at white house, for time being social security is not on
hike with fiscal cliff, president obamaments tax hikes on those making more than $2 theft thousand a year, that will affect their middle class that their job creat creators the nor be able to pay them. neil: the train has left that spending station. i should say that taxes will go up. leaving that aside. how do you make the argument that a deal by the end of the year, even if it is bad, is better than no deal, if ratings agents pounce on a crafty deal, let's say waded toward tax hikes not...
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Jun 21, 2012
06/12
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pledge means for the fiscal cliff negotiations later this year. now the blitz he's doing is a sign of weakness. his relevance has been openly questioned for the first time lately. and he's in full damage control mode. well, he has an uphill climb. more and more republicans are beginning to decide they don't care what he thinks. more and more republicans are realizing that to solve our nation's fiscal problems they cannot be part of grover norquist's army. a couple of weeks ago, lindsay graham said he had crossed the rubicon on the need for revenues and deficit deal and urged his fellow republicans to join him in putting the need for a grand bargain ahead of the pledge. tom coburn never one to shy away from a fight with norquist said this week in an interview quote, the well to do are okay paying some more tax as long as the taxes are going to pay down the debt not going go grow the government, unquote. on those strong words from coburn national review said, that kind of talk may not please grover norquist, the president of americans for tax reform
pledge means for the fiscal cliff negotiations later this year. now the blitz he's doing is a sign of weakness. his relevance has been openly questioned for the first time lately. and he's in full damage control mode. well, he has an uphill climb. more and more republicans are beginning to decide they don't care what he thinks. more and more republicans are realizing that to solve our nation's fiscal problems they cannot be part of grover norquist's army. a couple of weeks ago, lindsay graham...
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Dec 1, 2012
12/12
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the actual definition of base broadening tax reform that is emerging in the ongoing fiscal cliff negotiation says tax reform that limits itemized deductions among high taxpayers. that is a very boring sentence. do not be bored. this is important. here is what it actually means. as former budget director pointed out in a bloomberg column, 90% of those itemized destructions for the rich is three categories. deductions paid for taxes paid, mostly state and local. home mortgage interest and charitable interest. look at each in turn. first, home mortgage deduction. most economists will tell you cutting the home mortgage deduction particularly for rich people is a good idea. no real reason the tax code should subsidize the purchase of more mcmansions. i'm not mar particularly worried about that. second, state and local taxes paid. that's just a tax shift. instead of raising taxes on you by simply raising them on you, we raise them on you by making our state and local tax bill higher. it'll pound on high tax cities on states which means it'll hit the cities and states by making them less attractive
the actual definition of base broadening tax reform that is emerging in the ongoing fiscal cliff negotiation says tax reform that limits itemized deductions among high taxpayers. that is a very boring sentence. do not be bored. this is important. here is what it actually means. as former budget director pointed out in a bloomberg column, 90% of those itemized destructions for the rich is three categories. deductions paid for taxes paid, mostly state and local. home mortgage interest and...
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Dec 11, 2012
12/12
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david, i want to drill down on even over this past weekend we heard the fiscal cliff is a cliff. no parachute. bad things happen if we go over it. i have never been persuaded of that. the payroll tax is likely to go up either way. the taxes in the healthcare bill will kickback in no matter what. sequestration could be remedied. is it in your view a slope, a cliff, what is the metaphor, and is there hysteria attached to this that is excessive? >> cliff is a problematic metaphor because it is not like the debt ceiling. it's not even like the government shutdown. you don't necessarily have an enormous market reaction. this is not like the country defaulting on its debt. but it's serious for two reasons. we don't know what the reaction could be. there it is a chance that it could spook the markets. the second thing, the combine pieces of this passage is a combined 4% of the gdp. if they went into affect and remained in affect not just for a couple of weeks but for the full year it's hard to see how the economy avoids a recession next year. it's not guaranteed but it's more than enoug
david, i want to drill down on even over this past weekend we heard the fiscal cliff is a cliff. no parachute. bad things happen if we go over it. i have never been persuaded of that. the payroll tax is likely to go up either way. the taxes in the healthcare bill will kickback in no matter what. sequestration could be remedied. is it in your view a slope, a cliff, what is the metaphor, and is there hysteria attached to this that is excessive? >> cliff is a problematic metaphor because it...
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Nov 28, 2012
11/12
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if we do not protect those families from the fiscal cliff, they will see their annual taxes go up $2,000. it will be noticed. it should not happen. i hope the house will take up the president's challenge an invitation and pass the senate bill to protect families making less with one vote, they can avert the fiscal cliff for 98% of american families, at least when it comes to income taxes. it is necessary. we know what has happened over the last several decades. it is the worst it has been in almost 90 years. between 1980 and 2005, in the 25 year time period, more than 80% of the total increase in america's income went to the wealthiest. 90% has got to the top 1%, the median income of the middle class has declined. i could go on and give illustrations. i do not think i need to to this group. when we address the issue of revenue in taxes, i insist in every meeting i have been in that it needs to improve it for low income categories. that is the starting principle for those of us who are progressives. the second thing we must insist on is to protect the safety net for america. make no mista
if we do not protect those families from the fiscal cliff, they will see their annual taxes go up $2,000. it will be noticed. it should not happen. i hope the house will take up the president's challenge an invitation and pass the senate bill to protect families making less with one vote, they can avert the fiscal cliff for 98% of american families, at least when it comes to income taxes. it is necessary. we know what has happened over the last several decades. it is the worst it has been in...
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Dec 30, 2012
12/12
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. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most important issue, but it's the central one. grover norquist told you his strong opposition to any tax increases of any sort. many republicans share his view. let's look at the economy. obviously across the board tax increases would hurt the economy. but what will the real economic reaction be to small tax increases on the wealthiest americans? now, annie lowrie of the "new york times" is still with us. i always have to make sure my viewers understand i am not advocating for tax increases on the rich. i want to explain what could happen. i want to bring in jean zahadi, a senior writer at your money and kevin haslett of the american enterprise institute. he was the author of much of mitt romney's economic policies. a good friend of the show. jean, let me start with you. tax increases on people making more than 250,000 a year. let's use that as a number. it might be 400,000, it might be half a million. it might be a million. let's take $250,000. if you increase taxes, th
. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most important issue, but it's the central one. grover norquist told you his strong opposition to any tax increases of any sort. many republicans share his view. let's look at the economy. obviously across the board tax increases would hurt the economy. but what will the real economic reaction be to small tax increases on the wealthiest americans? now, annie lowrie of the "new york times" is...
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Dec 8, 2012
12/12
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no ifs, ands or buts on that specific aspect of the fiscal cliff. >> with respect to the tax rates, i want to emphasize, i am open to new ideas. i'm not going to slam the door in their face. i want to hear -- i want to hear ideas from everybody. >> that's not a no. here is the treasury secretary timothy geithner. >> there's no agreement that doesn't involve the rates going up on the top 2%. >> not necessarily going up to the clinton era rates. just going up. today at a press conference at the capital, bain got a question about this. listen carefully to how he responded or didn't respond. >> you did speak with the president earlier this week. can you characterize this call? and also we understand that he just is making clear that it's got to be increasing rates for the wealthy or no deal. are you willing to give a little bit? maybe just not all the way to 39.6? >> the phone call was pleasant, but just more of the same. the conversations that the staff had yesterday, just more of the same. it's time for the president, if east serious, to come back to us with a counteroffer. >> not a no
no ifs, ands or buts on that specific aspect of the fiscal cliff. >> with respect to the tax rates, i want to emphasize, i am open to new ideas. i'm not going to slam the door in their face. i want to hear -- i want to hear ideas from everybody. >> that's not a no. here is the treasury secretary timothy geithner. >> there's no agreement that doesn't involve the rates going up on the top 2%. >> not necessarily going up to the clinton era rates. just going up. today at a...
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Dec 6, 2012
12/12
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cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons' ceiling, and they could do this anytime. there would not have to go back to congress. -- they would not have to go back to congress. guest: it is true that technically the administration can do some things without even the congress's approval, but it would not be a lasting solution. let's say you could freeze the amount of withholding that you pay three paycheck at the level it was this year, for the 98%, and increase withholdings for everyone else as the law would dictate if you read over the cliff. -- went over the cliff. but the 98%, if they did not actually pass a law to extend the tax cuts for tha
cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons'...
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Jul 9, 2012
07/12
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this push to extend only the middle class cuts picks a fight over the fiscal cliff with all the tax cuts currently set to expire at the end of this year. and clearly aware of the optic, the president made the announcement this afternoon surrounded by workers and families who would benefit directly if those rates were extended. >> i'm not proposing anything radical here. i just believe that anybody making over $250,000 a year should go back to the income tax rates we were paying under bill clinton. back when our economy created nearly 23 million jobs, the biggest budget surplus in history and plenty of millionaires to boot. >> the president naturally predicted the response of one multimillionaire as he smacked down the republicans' cry that all the tax cuts must be extended.y ied it their way. it didn't work. the wealthy got wealthier. but most americans struggled. so we don't need more top down economics. we tried that theory. we've seen what happens. >> speaking of which, mitt romney was busy enjoying the rarefied airs in aspen, colorado. he did respond to the move in a radio sper view
this push to extend only the middle class cuts picks a fight over the fiscal cliff with all the tax cuts currently set to expire at the end of this year. and clearly aware of the optic, the president made the announcement this afternoon surrounded by workers and families who would benefit directly if those rates were extended. >> i'm not proposing anything radical here. i just believe that anybody making over $250,000 a year should go back to the income tax rates we were paying under bill...
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Nov 27, 2012
11/12
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but with the fiscal cliff looming, there's a growing consensus that taxes may have to go up. norquist said those who reneged would pay a price. >> would you target some of them? >> we would certainly highlight who has kept their commitment and who hasn't. >> fortunately for grover, but unfortunately for those who want everyone to contribute their fair share there are plenty of republicans caught in the pass, plenty who can't accept that president obama won reelection >> there are some republicans who recognize they did lose and that new revenue new tax revenue will have to be part of any deficit deal. i noticed mitch mcconnell's talked about tax rates. he's going to insist that tax rates not go any higher. you've got the mathematicians trying to raise the numbers. you can exact the rate throughout a person's entire income. they're looking for ways to finagle this. republicans are going to have to retreat and they're going to get a better deal before the end of the year than going into the new year. >> i want to ask you about that, what eleanor said about the end of the year r
but with the fiscal cliff looming, there's a growing consensus that taxes may have to go up. norquist said those who reneged would pay a price. >> would you target some of them? >> we would certainly highlight who has kept their commitment and who hasn't. >> fortunately for grover, but unfortunately for those who want everyone to contribute their fair share there are plenty of republicans caught in the pass, plenty who can't accept that president obama won reelection >>...
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Nov 15, 2012
11/12
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we are getting down to the brass tax on the fiscal cliff tomorrow. president obama and congressional leaders meet face to face with the clock ticking to new year's on the fiscal cliff. for nearly two years, the one plan that has gotten the most support among those outside of washington and even inside has been the simpson/bowles plan. the two, of course, chaired president obama's debt commission. two years ago when the plan was presented, it was all but ignored by those in power. joining me now, the two architects behind the plan, former republican senator alan simpson and former chief of staff for democratic president bill clinton erskine bowles. gentlemen, wonderful to have you on the program. i want to first get to this. have either of you or together both of you been asked to participate in any way in these fiscal cliff negotiations? >> i've talked to most of the members of the white house. i met over the last couple of days with what's called the gang of eight, four republican senators and four democrat senators. i'm going to update alan as soon
we are getting down to the brass tax on the fiscal cliff tomorrow. president obama and congressional leaders meet face to face with the clock ticking to new year's on the fiscal cliff. for nearly two years, the one plan that has gotten the most support among those outside of washington and even inside has been the simpson/bowles plan. the two, of course, chaired president obama's debt commission. two years ago when the plan was presented, it was all but ignored by those in power. joining me...
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Dec 29, 2012
12/12
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off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more protection for women. and police expect more demonstrations in the days to come. >>> four people are dead after a plane crashed at the moscow airport. four others were injured. eight people were on board, all of them crew members when the plane overshot the runway. don't go away. at 2:00 p.m. eastern, the top stories of the day including that growing outrage over russia's adoption ban. hundreds of americans are frantic after being told their adoptions are not going to go through. we'll also take a look back at the year in politics and the fierce batt
off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more...
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Dec 17, 2012
12/12
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as we get closer to the fiscal cliff scenario, will some of the people who signed on to no new taxes have to concede and agree to revenue increases in the form of higher tax rates? >> well, obviously, the president is trying to drive in that direction. the republicans have some leverage as well. two years ago, obama said he didn't want to hurt the economy, so he didn't want to raise rates on anyone. evidently that his job is secure, he's less interested in everybody else's job, so he is interested in raising top rates, capital gains taxes, subchatter "s" corporation taxes. although that's going to be awfully rough on the economy if he pulls the trigger on that. there are also a series of fights where republicans have more leverage than they do early january. that is the debt ceiling and there the republicans have announced ahead of time the boehner rule remains in place. obama wants a trillion dollars in debt ceiling increase and he's planning on having $8 trillion in higher debt over the next decade, he has to pay for it with spending cuts of equal amounts. the republicans could req
as we get closer to the fiscal cliff scenario, will some of the people who signed on to no new taxes have to concede and agree to revenue increases in the form of higher tax rates? >> well, obviously, the president is trying to drive in that direction. the republicans have some leverage as well. two years ago, obama said he didn't want to hurt the economy, so he didn't want to raise rates on anyone. evidently that his job is secure, he's less interested in everybody else's job, so he is...
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Nov 28, 2012
11/12
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compies trying to get a jump on the fiscal cliff. details and the oracle of all my speaking out on tax policy. next, i'll break down why warren buffett is just plain wrong. ♪ gerri: warren buffett is getting a lot of attention this week for his comments on the fiscal cliff . basically, the investing mobil says it rich people, that is people like him, should pay more in taxes. it sounds magnanimous. i believe the case he builds for higher taxes, well, the reasoning as a big hole in it. here is why. the contention that rich people willtop hiring is nonsense. we already know that more than a million americans to employ people and paying there taxes through ere individual income-tax. according to the heritage foundation, the amount their taxes would rise would be equivalent to one employee salary. one person there would not hire. we will what is more, rinsed and young says these tax hikes would kill 710,000 jobs. buffett also says that rich people will stop investing. again, nonsense. when you tax something usually get less of it, like
compies trying to get a jump on the fiscal cliff. details and the oracle of all my speaking out on tax policy. next, i'll break down why warren buffett is just plain wrong. ♪ gerri: warren buffett is getting a lot of attention this week for his comments on the fiscal cliff . basically, the investing mobil says it rich people, that is people like him, should pay more in taxes. it sounds magnanimous. i believe the case he builds for higher taxes, well, the reasoning as a big hole in it. here is...
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Dec 8, 2012
12/12
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but you can see the pieces coming together, as you laid out, on the fiscal cliff. some increase in marginal tax rates coupled with some kind of cutting back on tax expenditures. the real concern is shifting or will shift from the fiscal cliff to the debt limit. it's not at all clear that the republicans will agree to including a debt limit increase in that kind of package. if they don't, we may get past december 31st only to find ourselves with a big problem in february or march. >> the obama administration, the white house has been very clear, they will not sign anything, even to get past december 31st. that doesn't include a debt ceiling of some sort. so do you think they can hold firm on that if republicans offer them a package that doesn't include the debt ceiling? >> this is where i think the tension is now arising, which is even if you have some agreement over the tax rates which will jam the republicans a bit, can you jam them on the debt limit also. i think the concern will be an administration overstepping or overreaching and trying to jam a debt limit inc
but you can see the pieces coming together, as you laid out, on the fiscal cliff. some increase in marginal tax rates coupled with some kind of cutting back on tax expenditures. the real concern is shifting or will shift from the fiscal cliff to the debt limit. it's not at all clear that the republicans will agree to including a debt limit increase in that kind of package. if they don't, we may get past december 31st only to find ourselves with a big problem in february or march. >> the...
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Oct 21, 2012
10/12
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what's the fiscal cliff are the spending cuts and tax increases that will take effect at the end of the year unless congress and the president finds another way to reduce the deficit. about congressman chris van hollen made an interesting point where neither democrats or republicans want the spending cuts. he suggested they might find a way to substitute some other spending cuts and get rid of that while continuing to run the argument over whether to extend the tax cuts for the rich. >> and what to expect a ban on tax rates, tax reform, bush era tax cuts? >> "it is the great unknown. i think that mitt romney wins, he is going to have the momentum that will push it into 2013. and they do that anyway, even if obama wins. but this election, both sides agree. whoever wins is going to be able to say, i have the mandate. this is a central issue, we have to do my plan. if it is obama, that will put republicans in the house and a very difficult place. will split the conference. there will be quite an uproar. >> what about the tax cut holiday? people have benefited from not for the last two year
what's the fiscal cliff are the spending cuts and tax increases that will take effect at the end of the year unless congress and the president finds another way to reduce the deficit. about congressman chris van hollen made an interesting point where neither democrats or republicans want the spending cuts. he suggested they might find a way to substitute some other spending cuts and get rid of that while continuing to run the argument over whether to extend the tax cuts for the rich. >>...
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Nov 11, 2012
11/12
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falls over the fiscal cliff, 80% of house holds will see their taxes go up. so you would think republicans in congress who signed this pledge not to raise taxes would be tripping over themselves to solve the problem. but they can't. i'll go one on one with the biggest impediment to overcome in washington. back in 90 seconds. >>> the most immediate threat facing the united states is the fiscal cliff and the election results did nothing to change the balance of power that we have seen in washington in the last two years. a democratic president now reelected calling for taxes on the richest americans to rise. a republican-controlled house of representatives that opposes any increase in tax rates and a democratic senate caught in the middle. now, avoiding the fiscal cliff will require compromise, but there is no compromise possible when one side says they can't lose. everything has to be on the tab table. to succeed, all parties need to give something up for the greater good, but there's a problem. it's a big problem. almost all the republicans in congress have s
falls over the fiscal cliff, 80% of house holds will see their taxes go up. so you would think republicans in congress who signed this pledge not to raise taxes would be tripping over themselves to solve the problem. but they can't. i'll go one on one with the biggest impediment to overcome in washington. back in 90 seconds. >>> the most immediate threat facing the united states is the fiscal cliff and the election results did nothing to change the balance of power that we have seen in...
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Jul 20, 2012
07/12
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cliff and this tax deal. it's that they need to break republicans of brinksmanship altogether. we've had near shutdowns a nooer breach debt ceiling. they want to go after the debt ceiling again. and democrats believe at this point, they need to show republicans that they can't keep threatening to drive the country off of these various kinds of cliffs that eventually they need to show republicans that as the economy strengthens, they're no longer quite as up against a wall. and as such, they won't be such pushovers at the negotiating table anymore. . >> and if we do go off the cliff on new year's eve, that means in the first week of january, for the first time ever under this tea party republican politics, there would be a chance to put together a complete deal that addressed everything that happened in going off the cliff, including the substantial defense cuts, the other spending cuts included in going off the cliff and the tax rate increases. as well as the debt ceiling increase, all of that could be very q
cliff and this tax deal. it's that they need to break republicans of brinksmanship altogether. we've had near shutdowns a nooer breach debt ceiling. they want to go after the debt ceiling again. and democrats believe at this point, they need to show republicans that they can't keep threatening to drive the country off of these various kinds of cliffs that eventually they need to show republicans that as the economy strengthens, they're no longer quite as up against a wall. and as such, they...
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Nov 26, 2012
11/12
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in the short term, the very short term, i think actually some of the hype around the fiscal cliff is a little overblown, particularly because the first couple of days or week or so after we go over the fiscal cliff we won't see all that many impacts. all these tax and spending impacts take months to go into effect. it doesn't impact the economy until people start paying taxes, which could be several months down the line for most americans. on the spending side as well, spending is built into the cake so again you'd be looking at stuff that would be impacting the out months. for the first couple of months, no real specific impact. the big thing to worry about is whether wall street freaks out or not about the fact that we've gone over the fiscal cliff. if they do freak out, that could have an impact and cause a recession because of the wall street impact. >> and the premise of your analysis there is that we're looking at late deal or early deal. nobody really thinks that there will never be a deal. and so what you're saying, what, if it was three weeks out or late january or after the
in the short term, the very short term, i think actually some of the hype around the fiscal cliff is a little overblown, particularly because the first couple of days or week or so after we go over the fiscal cliff we won't see all that many impacts. all these tax and spending impacts take months to go into effect. it doesn't impact the economy until people start paying taxes, which could be several months down the line for most americans. on the spending side as well, spending is built into...
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Nov 21, 2012
11/12
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ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. >> uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act together or we have a problem, and that notion of preaching from the pulpit that he has is very fundamental. >> susie: is there another role or more of a role for the fe
ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. >> uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will...
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Nov 16, 2012
11/12
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with the fiscal cliff, without a solution, it takes nearly the entire tax code and puts it on a year to year basis. i would be very weary right now of listening to these hopeful terms that come out. they can solve this thing for this year. but the question is, do we end up back next year with another fiscal cliff situation? >> so it's a chronic problem. >> we have to get off this chronic problem issue. we have to set up a situation where we can get our revenue and spending in line with each other since we don't have huge and long-term deficits. >> rick, are you feeling more hopeful right now? >> listen, to hear ms. pelosi, boehner, all the brass of the house and the senate actually acknowledge that there is a hippopotamus in the room, it was a very positive thing. most of the discussion has been about the 70 or 80 billion and the upper 1%. that's important to some, but let's keep our eye on what simpson and bowles have talked about, the entitlement reform. i think that is optimistic. you can clearly see that the markets thought that as well. if it wasn't for the other bad story, or t
with the fiscal cliff, without a solution, it takes nearly the entire tax code and puts it on a year to year basis. i would be very weary right now of listening to these hopeful terms that come out. they can solve this thing for this year. but the question is, do we end up back next year with another fiscal cliff situation? >> so it's a chronic problem. >> we have to get off this chronic problem issue. we have to set up a situation where we can get our revenue and spending in line...
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Nov 10, 2012
11/12
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CNNW
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cuts and tax increases. you look at the fiscal cliff. that is $7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america. >> it's a sledgehammer. >> it's a big, dull hatchet when we need a sexual pep a a bunch of surgeons. that's the problem here. they need -- going off the fiscal cliff, and it is popular now to say maybe we should go off for a while -- >> that is gaining popularity. stephen moore, you and david have really spent a lot of time on this. your approaches to this are a little more certain. a lot more surgical. isn't that problem though, stephen? as david said, went around the country and talked to people. i found the same thing when i was on the cnn express on that bus trip. people understand what this means. they understand that we have to cut back on our spending. they are concerned about the lack of sophistication with which washington is handling this. >> yeah, but when? look, i get so sick of it. everybody says we have to cut spending. even my good friend david walker who
cuts and tax increases. you look at the fiscal cliff. that is $7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america. >> it's a sledgehammer. >> it's a big, dull hatchet when we need a sexual pep a a bunch of surgeons. that's the problem here. they need -- going off the fiscal cliff, and it is popular now to say maybe we should go off for a while -- >> that is gaining popularity. stephen moore, you and david have really spent...
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Nov 18, 2012
11/12
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CNNW
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the former fed chairman speaks to me about the fiscal cliff, the bush tax cuts and why he would let the u.s. flip into a recession to solve america's long-term debt problems. a rare interview with alan greenspan up next. ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. well, having a ton of locations doesn't hurt. and my daughter loves the santa. oh, ah sir. that is a customer. let's not tell mom. [ male announcer ] break from the holiday stress. fedex office. >>> alan greenspan had a front row seat to some of the biggest events in the last 20 years. when he was put in as chair, he led the central bank in the central economy through good times and bad. now six years after he left the job, his successor ben bernanke is warning of the danger of plunging over the fiscal cliff. i've been warning you of t
the former fed chairman speaks to me about the fiscal cliff, the bush tax cuts and why he would let the u.s. flip into a recession to solve america's long-term debt problems. a rare interview with alan greenspan up next. ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally...
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Dec 31, 2012
12/12
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>> no vote tonight on the fiscal cliff. what are the chances of lawmakers cobbling a compromise tomorrow? would real pain start to hit everyone in the form of tax hikes and spending cuts? what other options do lawmakers have as a last resort. steven moore joins us from washington. steven is a senior economics writer with "the wall street journal." he writes op-eds. he's involved in the opinion pages. he's also a co-founder of the organization called club for growth, which has really been at the forefront of fighting tax increases across the board. so, you know, sometimes, steven, on tv we talk about grover norquist and a lot of people really don't like him. you think grover has the right idea. you have colleague es in the senate, in the house of representatives. we have talked about this endlessly for many months and we both sort of went into the last few days thinking they'll get a deal, they'll do it. it will increase some tacks on the rich and we'll figure out a number. i think both of us put forward it would be $500,000
>> no vote tonight on the fiscal cliff. what are the chances of lawmakers cobbling a compromise tomorrow? would real pain start to hit everyone in the form of tax hikes and spending cuts? what other options do lawmakers have as a last resort. steven moore joins us from washington. steven is a senior economics writer with "the wall street journal." he writes op-eds. he's involved in the opinion pages. he's also a co-founder of the organization called club for growth, which has...
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Nov 27, 2012
11/12
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CSPAN2
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fiscal cliff, a combination of those expiring tax provisions and budget cuts that could take place the beginning of the new you. they include the bush-era tax cuts and sequestration. live coverage starts at 1130 eastern also on c-span. we are likely to about the fiscal cliff during the senate session today getting underway at 10 a.m. eastern, just over a half hour from now. after the gavel and majority leader reid will be recognized to speak and will likely outlined the schedule for the day which could include debate on defense programs and policy, and possibly legislation to do with equal rights, people with disabilities. centers will us from 12:30-2:15 eastern for weeks the party meetings. live coverage of the senate and members gavel in right here on c-span2. right now some debate from the floor of the senate yesterday between majority leader reid and republican leader mitch mcconnell. d, w they talkede about potentialit't changes to filibuster rules. here's some of what they had to say. >> i'd like to turn to anotheras issue that doesn't grab as manyt utadlines as these others we'v
fiscal cliff, a combination of those expiring tax provisions and budget cuts that could take place the beginning of the new you. they include the bush-era tax cuts and sequestration. live coverage starts at 1130 eastern also on c-span. we are likely to about the fiscal cliff during the senate session today getting underway at 10 a.m. eastern, just over a half hour from now. after the gavel and majority leader reid will be recognized to speak and will likely outlined the schedule for the day...
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Dec 28, 2012
12/12
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in the meantime, we'll look at the impact the fiscal cliff has on individual states. montana unlike many, may be facing a double whammy. not only are rising taxes a threat on households, but federal aid for things like acculture could compound the problems if we go over the cliff. >> indeed, joining us to spell out the details is montana governor schweitzer. great to have you with us. we heard from a farmer in your state. he laid out the wation and it didn't sound good at all. what do you see as the impact on your state from that? >> don't tax me. tax the guy behind the tree. that's what we're faced with. everybody wants to pay lower taxes and get more services if you're in defense, you say, we need the money. if you're in agriculture, you see we need subsidized crop insurance. where does it end? in montana, we've had eight years of -- they're not willing to do that in washington, d.c. they just kick the can down the road. >> what does it mean in terms of federal aid or reduction in federal aid if we go over the fiscal cliff and even if we don't go over the cliff, and
in the meantime, we'll look at the impact the fiscal cliff has on individual states. montana unlike many, may be facing a double whammy. not only are rising taxes a threat on households, but federal aid for things like acculture could compound the problems if we go over the cliff. >> indeed, joining us to spell out the details is montana governor schweitzer. great to have you with us. we heard from a farmer in your state. he laid out the wation and it didn't sound good at all. what do you...
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Nov 29, 2012
11/12
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FBC
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cliff, taxes, except. >> can we say bring in on our make my day? the president gave her such a strong endorsement. it would be amazing if he backed off now and did not nominate her. that would almost say that he has no confidence ii her. i think that the odds are -- no one knows what he will do. the odds are that he will go and do it. >> i think he had to support her like that because she knows too much. he has to make it sound like he is behind her nomination and then ihave been in the white house. the way this works, somebody higher upgoes to mass arrests and says, it's not going to work. would give you the job. >> suggeted he take care with the dnc. lou: setup that was one of the better comments. >> hillary clinton today saying she was doing a great job. >> absolutely. i cannot remember the expression . protests and egypt continue for a six the day. lou: and still in power showing no sign, at least obvious sign that he is goingo weaken and allow his new-found powers to dissipate separately. what is your reaction? >> my reaction is that he drew c
cliff, taxes, except. >> can we say bring in on our make my day? the president gave her such a strong endorsement. it would be amazing if he backed off now and did not nominate her. that would almost say that he has no confidence ii her. i think that the odds are -- no one knows what he will do. the odds are that he will go and do it. >> i think he had to support her like that because she knows too much. he has to make it sound like he is behind her nomination and then ihave been in...
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Nov 17, 2012
11/12
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CNN
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. >> you don't want taxes on the troich go up. >> right. >> compared to the risk of a fiscal cliff, do you think republicans in the house will look at that and say we don't want to incur the wrath of the american people if we go over this fiscal cliff? >> look, mohammed may be right about the politics of this. what i want to talk about is the economics of it. i'm saying it's insane. it is so dangerous to be talking about -- i mean explain this to me. how do you raise taxes on businesses and it frees up more jobs. >> it is really insane to go from 36% to 39.6%? i would say going from 36% to 59.6%. i'm not an economists. i'm just saying is that really insane? might you have heard in the president's comments in the last week the possibility of compromise? you know, he stopped talking about this 39.6%. i don't know if i'm the only one who noticed this. >> what we want is do is lower our tax rates to be more competitive. i don't see any economic wisdom in it. i covered this in the editorial in the "wall street journal" this week. the period is when the economy has really grown is when we've
. >> you don't want taxes on the troich go up. >> right. >> compared to the risk of a fiscal cliff, do you think republicans in the house will look at that and say we don't want to incur the wrath of the american people if we go over this fiscal cliff? >> look, mohammed may be right about the politics of this. what i want to talk about is the economics of it. i'm saying it's insane. it is so dangerous to be talking about -- i mean explain this to me. how do you raise...
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Nov 30, 2012
11/12
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. >>> breaking news on the fiscal cliff. the gop saying they will agree to more tax revenue if something else happens. we'll tell what you that is. >>> where is john mcafee? the millionaire is still on the run in central america. le call in to the show this hour with how he has been surviving. it is an interview you will not want to miss. >>> plus, are you overtaxed? maybe. but not by uncle sam. we'll tell you why. >>> and why it may be the end of the road for detroit. one state senator's plan to dissolve the city. he is your guest. happy friday, everybody. mandy will be back on monday. i'm brian sullivan. thank you very much for joining us. >>> stocks relatively in a holding pattern again all ahead of the fiscal cliff. we're not seeing big moves. people unwilling to take bets. we're going to get to bob pisani in just a minute. >>> but first we need to get to eamon javers with some breaking headlines from mitch mcconnell on the fiscal cliff. eamon? >> brian, we're getting a trial balloon here just within the past couple of m
. >>> breaking news on the fiscal cliff. the gop saying they will agree to more tax revenue if something else happens. we'll tell what you that is. >>> where is john mcafee? the millionaire is still on the run in central america. le call in to the show this hour with how he has been surviving. it is an interview you will not want to miss. >>> plus, are you overtaxed? maybe. but not by uncle sam. we'll tell you why. >>> and why it may be the end of the road...
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Dec 3, 2012
12/12
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the way you get massive tax increases, $5 trillion tax increases, is if you go over the fiscal cliff. what the president has said, let's just ask higher income individuals to contribute a little more to reduce our deficit to prevent that from happening. the president has taken a balanced approach. look, we already entered into $1 trillion in cuts which we'll have to enforce and implement over the next 10 years, including, by the way, cuts in defense. you mentioned defense cuts as part of the clinton deal. >> that was 1993. >> we did the first half of the clinton deal as part of the budget control act. we're going to do $1 trillion in cuts. as secretary geithner pointed out, the president's budget contains additional cuts. and i don't think people recognize this. the president's budget over the next 10 years has more additional savings in medicare than the republican ryan budget over the next 10 years. let's see their plan. the reality is, they attack the president viciously, claiming he cut medicare by $716 billion. what they wanted to do was to add that $716 billion back into medicar
the way you get massive tax increases, $5 trillion tax increases, is if you go over the fiscal cliff. what the president has said, let's just ask higher income individuals to contribute a little more to reduce our deficit to prevent that from happening. the president has taken a balanced approach. look, we already entered into $1 trillion in cuts which we'll have to enforce and implement over the next 10 years, including, by the way, cuts in defense. you mentioned defense cuts as part of the...